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July 31, 2020

Garrett Motion Q2 net loss of US$9m

Garrett Motion has posted a second-quarter net loss of US$9m and net sales down 40.5% to US$477m.

By Rhodri Morgan

Garrett Motion has posted a second-quarter net loss of US$9m and net sales down 40.5% to US$477m.

For the first-half of 2020, net sales totalled US$1.22bn, a decrease of 25.4% on a reported basis and 23.6% at constant currency.

“Our performance for the second quarter and first half of 2020 reflects the various effective actions we have taken flexing our global operating structure and executing strict cost controls to confront the COVID-19 pandemic,” said Garrett president and CEO, Olivier Rabiller.

“All of our manufacturing facilities have safely resumed operations with plants in China producing at pre-crisis levels while Europe and North America are slowly improving in line with demand. I am proud of the dedication and resolve our employees have demonstrated during this challenging period, teaming together to maintain business continuity and support our local communities.

“We also successfully amended our credit agreement and further postponed payments to our former parent in the second quarter. As we gradually implement a comprehensive return-to-work programme that adheres to best practices, we continue to focus on meeting customer commitments.

“We remain concerned however of a return to lower production levels, plant shutdowns and a challenging demand environment extending into 2021, which could further challenge our capital structure and limit our ability to expand on our strategy now and in the future.

“Garrett’s proven track record in operational excellence has helped us navigate the current pandemic-induced downturn.software solutions for the global automotive industry.”

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